Dubai is the hub of culture, arts, fashion, entertainment, commerce, and trade in the UAE and the World. The architecture marvels this city has, with amenities and options, it is rightfully called the resort city of the Middle East. People from around the World visit Dubai to live, work, enjoy vacations, and take a break. The luxurious accommodations and leisure options makes it perfect for travelers and workers alike. Currently, with all the Expo 2020 buzz and Covid lock-down lift, off plan properties Dubai has again become the center of attraction. People are eyeing for the best real estate opportunities in Dubai off plan properties to invest in this marvelous city. The demand for apartments, Houses, Dubai off plan properties, and freehold developments is on the rise.
However, to be able to make the right decision and invest wisely, one should know the terms of Buying off plan Properties Dubai. If you are among those who are eager to invest in off plan properties Dubai, but don’t have much knowledge, don’t worry. We got you covered and provided here an extensive piece of information that will help you know all the rules, regulations, and legal procedures necessary to buy and own off plan properties in Dubai.
There are four basic terms, either you’re buying a freehold development, an apartment, villa, shop, or off plan properties Dubai.
- Buyer and Seller Agreement
When you find the off plan properties Dubai you’re looking for, the first thing to consider is negotiate the terms with the seller. There has to be no ambiguities between the buyer and the seller over price, mode of payment, and any other significant consideration.
- Sale Agreement
The sale agreement, also known as a Memorandum of Understanding (MOU), is the second formal stage in purchasing villa, house, apartment, shop, freehold and Dubai off plan properties. It is also called F-form. When the contract is ready, both the buyer and the seller must sign it at the Registration Trustee office in front of a witness (typically the agent).
- Apply for NOC
After confirming that there are no outstanding charges or service costs on the property, the developer will provide the NOC for a fee. This process necessitates the buyer and seller, as well as their agent, visiting the developer’s office. The term applies to all kinds of purchases including Dubai off plan properties.
- Transfer of Ownership
Meeting the seller at the Dubai Land Department office to complete the transfer is the final legal step in purchasing a Dubai off plan properties. The following documents are required for the process:
- A manager’s cheque for the property price payable to the seller
- The original identification documents of buyer and seller (Emirates ID, passport and visa)
- The original NOC issued by the developer
- Signed Contract F (MOU)
Property rules in Dubai are crucial for both local and international buyers and investors. These Dubai off plan properties rules must be followed by anyone who wishes to sell, buy, or rent any type of property. This will enable them to maximize the value of their assets in Dubai. Rather, they can give their Dubai off plan properties to their siblings or family members